Livspace, the home renovation and interiors platform, informed affected employees about job cuts as part of a cost-cutting exercise amid the ongoing funding winter. The Singapore-headquartered startup is the latest to lay off employees.
As per sources, the startup is looking at ways to extend its runway, and the layoffs are part of a cost-cutting exercise.
Over 100 employees have been impacted by the layoffs, which according to the company, represents 2% of the total workforce. The layoffs primarily affected Livspace’s product, engineering, content, and marketing teams, as per a source.
“In a statement, the company said, “The business has more than doubled over the past year and we aim to turn profitable in the coming year. We have a strong balance sheet, are backed by marquee investors, and are well-positioned to deliver long-term sustainable growth for the company. Our focus continues to be on the most efficient deployment of capital and resources to maximize value for our shareholders, customers, partners, and employees.”